Is Billy Bob’s Texas up for sale? Donnie Nelson is willing to make a bid

Dallas Mavericks President Donnie Nelson says he is willing to make a bid to buy out the other investors in Billy Bob’s Texas if they are unable to break a deadlock over how to run the iconic honky-tonk in the Fort Worth Stockyards.

Preferably, the partners will be able to settle their differences over whether Concho Minick should stay on as manager, Nelson said. But if they can’t, one option is to buy one another out. And if it comes to that, he said he’s open to buying Billy Bob’s with a group of “like-minded people,” including some of the current investors.

“I’m comfortable with where I’m at, but I also know that this Hatfield-McCoy situation can’t continue,” Nelson said. “In the best interest of our patrons and the Stockyards, I think it is probably best that we either come to a middle ground or someone buys the other out.”

I’m comfortable with where I'm at, but I also know that this Hatfield-McCoy situation can’t continue,

Donnie Nelson, minority owner in Billy Bob’s Texas

“If it comes to the latter, I would absolutely be interested. … If we can’t get on the same page, my 10 percent will be up for sale,” he said.

Brad Hickman, whose family owns about 40 percent of the iconic watering hole, has said they are not interested in selling. An attorney representing Hickman has described Billy Bob’s as the “crown jewel of the Stockyards and the Hickmans’ redevelopment plans.”

Dallas Mavericks President Donnie Nelson is willing to lead a group of owners to buy Billy Bob’s Texas and break an ownership deadlock.

Star-Telegram archives Star-Telegram

“We’re not sellers. … It is a Hickman family legacy investment,” Hickman said. “We believe Billy Bob’s is an important part of the long-term plans for the Stockyards, but I can’t say that the development plan won’t work if someone else owns Billy Bob’s.”

We’re not sellers. ... It (Billy Bob’s Texas) is a Hickman family legacy investment,

Brad Hickman, leader of the majority ownership

The owners of Billy Bob’s have been feuding over the operation of the bar and Stockyards development plans for years, but their split became public in May when a majority of the owners tried to fire Concho Minick. His firing was opposed by Nelson and the Murrin family, which owns about 22 percent of Billy Bob’s.

Wednesday, Nelson filed documents with the court seeking to either intervene or join Minick and the Murrins in their lawsuit against the majority owners. Previously, Nelson’s firm had been listed as a defendant, but had never been served with legal documents. He testified in support of their lawsuit at a hearing last week.

Brad Hickman said his family is not interested in selling its interest in Billy Bob’s Texas.

Wallach is scheduled to rule on their request Monday, but in the meantime, he has ordered the warring parties into a mediation session Friday.

Philip Murrin, who represents his family’s interest in Billy Bob’s and the Stockyards, said Nelson’s “heart is in the right place.” He would not say if the Murrins would join forces with Nelson to buy out the others.

I’m willing to be on either side of ledger for whatever is best for the company, my family and the Stockyards,

Philip Murrin, who represents his family’s interest in Billy Bob’s

“I’m willing to be on either side of the ledger for whatever is best for the company, my family and the Stockyards,” Murrin said. “And what is good for Billy Bob’s is good for the Stockyards.”

Nelson said the buyout has been discussed before, so his suggestion should “come as no surprise to anyone.”

Many of the families involved with Billy Bob’s have been partners — and drinking buddies — since the 1980s. Concho Minick’s father, Billy, ran the bar for years. Former Fort Worth City Councilman Steve Murrin was one of the original investors, along with the late Holt Hickman, a businessman, philanthropist and early investor in the Stockyards.

Nelson, the son of former Mavericks coach Don Nelson, bought his stake in Billy Bob’s in 2013 from a long-time investor, Don Jury. He said he paid $1.1 million for slightly less than 10 percent, which means that the company was valued at about $10.5 million at the time.

In previous sessions among the partners to work out their differences, the suggested value of Billy Bob’s was set at $16 million to $20 million, Nelson said. And Minick, in a deposition taken as part of the court case, said Billy Bob’s is valued at $20 million, according to court records.

Nelson also owns a minority interest in Gilley’s Dallas and the Lava Cantina in The Colony.

In court proceedings, the majority ownership also has argued mostly over governance issues. Hickman says a certificate of formation that grants control to a smaller governing board is ultimately responsible for running Billy Bob’s. Minick, Nelson and the minority owners believe Billy Bob’s is governed by a corporate agreement that states that it takes a unanimous board agreement to approve all major operating decisions.

“We think Billy Bob’s will be very successful with the development, but that is not what is driving the issue with Concho,” Hickman said.

But Nelson has said that when he bought his stake he was told he would have an equal voice in how the bar was being run. As a result, he found it “deeply disturbing” that he was not consulted about terminating Minick, a move he didn’t support because the business has recorded record-setting revenue growth.

He said if Minick did stumble in management, those actions were “misdemeanors” that didn’t warrant him being fired.

“This is not a dictatorship. You cannot make your business partners disappear just because they have questions about your development plans,” Nelson said concerning his decision to join the lawsuit. “That’s no way to build support and consensus behind any Stockyards redevelopment.”

More Videos

1:05

While DFW competes for new Amazon headquarters, take a look inside one of its fulfillment centers

What you should know about seasonal allergies

What to do after the Equifax data breach

Time lapse of Big Tex's big day

Cowboys donate time, merch to Hurricane Harvey evacuees

Donnie Nelson testifies in Billy Bob's Texas case

Donnie Nelson talks to reporters after testifying in the Billy Bob's Texas case on July 24, 2017. Nelson, who owns slightly less than 10 percent of Billy Bob’s, has previously complained that the bar is a “pawn” in the bigger fight over redevelopment in the Stockyards area of Fort Worth.

Donnie Nelson talks to reporters after testifying in the Billy Bob's Texas case on July 24, 2017. Nelson, who owns slightly less than 10 percent of Billy Bob’s, has previously complained that the bar is a “pawn” in the bigger fight over redevelopment in the Stockyards area of Fort Worth.

Dallas Mavericks President Donnie Nelson said he is willing to lead an ownership group that would buy out Billy Bob’s Texas. Star-Telegram archivesStar-Telegram

Dallas Mavericks President Donnie Nelson said he is willing to lead an ownership group that would buy out Billy Bob’s Texas. Joyce Marshalljlmarshall@star-telegram

Bull riding action is about to begin at Billy Bob’s Texas on July 21, 2017. Billy Bob’s is involved in a bitter fight among its investors over how the club is operated. Joyce Marshalljlmarshall@star-telegram

1 of 3

Never miss a local story.

Sign up today for a free 30 day free trial of unlimited digital access.